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Ethereum hits 8-month high as strong demand continues

Economies.com
2019-05-16 12:32PM UTC

Ethereum rose by more than 7% on spot trading today, to continue its strong gains for the fourth consecutive day, recording the highest level in eight months, as strong investment demand continued for the world's second largest cryptocurrency.

 

On Bitstamp Stock Exchange, by 07:02 GMT, Ethereum is trading around $266.90, up by $18.42, or 7.4%, from the opening of $248.48, with the highest since September 5th, at $274.15, and the lowest at $217.29.

 

Ethereum gained 14.25% yesterday, its second consecutive daily gain, as the South Korean technology giant, Samsung, allowed payments using Ethereum.

 

The market value of cryptocurrencies rose to a total of $ 264 billion, the highest level since August 2018., with the rising of most of the major cryptocurrencies in the market led by the Ethereum.

 

Ethereum market share of crypto trading rose since Monday from 9% to 11.0%, the highest level since last February, as strong investment demand continued for the world's second largest cryptocurrency.

 

the South Korean technology giant, Samsung, adopted payments using Ethereum.

 

Samsung has received a lot of interest from the crypto supporters over the past few months, especially after its launch of a cryptocurrency portfolio on the Galaxy S10 smartphone.

 

The wallet allows the storing of cryptocurrencies with public and private keys. Although the pre-release images of the wallet showed Bitcoin logo, but the portfolio currently supports Ethereum codes only, while it's expected for it to support Bitcoin at some point in the future.

 

On the other hand, the latest research in the crypto market showed that just over 376 people own about 33% of the world's Ethereum units, many of these are crypto-whales and founders, and they keep their assets in their own wallets and not in the exchange markets.

Oil continues to rise as Brent hits 3-week high

Economies.com
2019-05-16 12:43PM UTC

Global oil prices rallied on the US market opening today, to continue gains for a third consecutive day, on fears that geopolitical tensions in the Gulf region could disrupt oil supplies, as prices also drew support from the drop in US oil production for a second week in a row, overshadowing the crude oil inventories rise to the highest level since September 2017.

 

As of 12:30 GMT, US crude rose to $62.85 a barrel from the opening level of $62.07, with a high of $62.85 and a low of $62.06.

 

Brent crude rose to $72.73 a barrel from the opening level of $72.02, with a high of $72.77 and a low of $71.89.

 

US crude closed higher by 1.3% on Wednesday, and Brent crude rose 1.4%, their second consecutive daily gain.

 

US personnel were moved from the US embassy in Baghdad by helicopters on Wednesday in a precautionary measure triggered by fears about perceived threats from Iran.

 

The US action comes after the recent terrorist attacks on vital oil platforms in Saudi Arabia and the sabotage of two Saudi oil tankers off the coast of the United Arab Emirates.

 

All the signs behind these attacks lead to the Houthi group in Yemen, which is supported by Iran. on the other hand, according to US intelligence, Shiite groups backed by Iran is deploying missiles near the US military bases in Iraq.

 

The US Energy Information Administration announced yesterday that oil production in the country fell by about 100 thousand barrels in the week ending May 10, the second consecutive weekly decline, bringing the total to 12.1 million barrels per day.

 

While the commercial oil inventories increased by 5.8 million barrels per day last week, which is the third weekly increase in a month, contrary to experts' expectations of a 0.8 million barrel drop.

 

According to the data, total US commercial inventories rose to 472.4 million barrels, the highest level of US stockpiles since September 2017, in a negative sign of demand levels in the world's largest oil consumer.

Dollar rises near two-week high

Economies.com
2019-05-16 12:01PM UTC

US dollar rose on Thursday against a basket of global currencies to continue its gains for the fourth day in a row, approaching the highest level in two weeks recorded earlier in yesterday's trading, this comes with the continuation of high demands for the US currency as the best alternative investment, ahead of Important economic data from the US on the housing and industrial sectors.

 

The dollar index rose 0.1% to 97.44 points, from the opening level of 97.36 points, with the lowest level at 97.25 points.

 

Yesterday, the index rose by less than 0.1%, its third consecutive daily gain, hitting a two-week high of 97.50 points. while the gains were limited due to weak data of the US retail sales in April.

 

Investors are still in favor of buying the US currency as the best alternative investment, especially after assessing new developments on the trade dispute between the United States and China and the US government sanctions on the Chinese company, Huawei.

 

Investors are waiting for a number of important economic data from the US later in the day on the housing and manufacturing sectors, the most important constituent sectors of the world's largest economy.

 

On the housing sector, building permits are expected to rise to 1.29 million in April from 1.27 million in March, and the number of housing starts is expected to reach 1.21 million from 1.14 million homes in the previous reading.

 

On the industrial sector, the Philadelphia Fed manufacturing index is expected to rise 10.0 points in May from 8.5 points in April.

Silver rises as copper prices recover

Economies.com
2019-05-16 11:44AM UTC

Silver prices in the European market rose on Thursday to resume gains, which were halted yesterday, the rise drew support from the continued recovery of copper prices in the global market, while gains are curbed by US dollar rise near its highest level in two weeks against a basket of currencies.

 

As of 11:17 GMT, Silver prices rose 0.2% to $14.81 an ounce, from the opening level of $14.78, with a high of $14.82, and a low of $14.75.

 

Silver ended yesterday's trading with no change from the previous day's gain by 0.3%.

 

Copper prices rose 0.7% on Thursday, extending gains for a third consecutive day as its recovery from a four-month low continued, supported by hopes of China stimulating the economy.

 

The dollar index rose by 0.1%, continuing its fourth consecutive day of gains, approaching the highest level in two weeks, reflecting the continued high levels of the greenback against a basket of major currencies, which negatively affects the prices of silver and other metals denominated in US dollars.